AI Industry Map / Compute clouds and the money behind them / CoreWeave

Compute clouds Training and fine-tuning Supplier to the AI builders

CoreWeave

The largest GPU-only cloud, renting Nvidia chips to AI labs and big tech on long contracts.

Revenue: Quarterly revenue $2.6B, up 112%. $104B backlog. Still loss-making
Growth: $99.4B contracted backlog at the end of Q1 2026. Planned 2026 capital spending $35B to $39B
Based in: Roseland, US
Founded: 2017
Listed: Public (CRWV)

Why it is winning

Its backlog of long contracts gives it years of visible revenue, which is why lenders will fund its chips.

The risk to watch

Microsoft was about 67% of its 2025 revenue (one analysis), and Microsoft is building its own data centres.

Money coming in

Who pays CoreWeave, and for what.

MicrosoftpaysCoreWeaveabout 67% of CoreWeave's 2025 revenue (one analysis)
rents GPU capacity from CoreWeave on long contracts
chartmill.com

Money going out

Who CoreWeave pays to do what it does.

No suppliers of CoreWeave mapped yet.

Where it sits on the map

Clouds and finance

the biggest GPU cloud

Training and fine-tuning

GPU cloud that bought Weights and Biases and OpenPipe to add model tracking and fine-tuning tools.

Competitors and neighbours

Makes Gemini, the assistant built into Android, Search and Workspace.

25% of AI chip supply (Epoch AI)

Sells Microsoft 365 Copilot inside Office and Windows, and owns a large stake in OpenAI.

20M+ users (2025)

Designs its own Trainium AI chips and rents them out through AWS.

5% of AI chip supply (Epoch AI)

GPU cloud that builds its own data centre campuses and rents capacity to Microsoft and Meta.

Up to 1.2 GW campus under way in Missouri

Runs large cloud data centres and rents AI computing, with OpenAI as its biggest customer.

Capital spending up 162% to $55.7B in fiscal 2026. Free cash flow minus $23.7B

Dell Technologies

Builds AI servers from Nvidia and AMD chips for enterprises, clouds and governments.

Full-year fiscal 2027 guidance raised to $192B (Sep 2026)

GPU cloud that rents Nvidia systems to AI builders and to Microsoft.

About $760M annualised in 2025 (Sacra estimate)

Hosts and fine-tunes open AI models on rented GPUs for companies.

About $1B annualised (Sacra estimate, Feb 2026)

Builds AI data centres and rents out the computing power, partly powered by on-site gas.

Raised $3.9B at a $30.9B valuation (Sep 2026)

Sources: letsdatascience.com, thestar.com.my, chartmill.com, maginative.com, nasdaq.com

The map updates three times a week.

241 companies across 25 areas, 62 money flows and 89 openings so far. New research lands every Tuesday, Thursday and Saturday.

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